If my rental has been sold what happens to my security deposit?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If my rental has been sold what happens to my security deposit?
I got a letter in the mail saying the property that I live at has been sold and we have to move in a month. The manager said we would not have to pay next months rent since it had been sold. However she is keeping my deposit. Is she allowed to to that if she doesn’t own the house? Should I get my deposit back or go to the new owners?
Asked on July 31, 2011 Virginia
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Here is the issue. Your security deposit has been paid usually to cover first and last month's rent and any repairs that need to be made to the property. That money is technically the previous owner's money and should be kept by her. Since she is saying you don't have to pay the last month's rent, she has already presumably calculated out your rent from the security deposit. So check how much you paid in security and deduct reasonable cleaning expenses and last month's rent and see if you are owed any money by the former owner. If you fear you won't get the money and you prefer to stay, talk to the new owner about picking up your lease and creating a lease so that you are in a contractual binding agreement with the new owner.
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Here is the issue. Your security deposit has been paid usually to cover first and last month's rent and any repairs that need to be made to the property. That money is technically the previous owner's money and should be kept by her. Since she is saying you don't have to pay the last month's rent, she has already presumably calculated out your rent from the security deposit. So check how much you paid in security and deduct reasonable cleaning expenses and last month's rent and see if you are owed any money by the former owner. If you fear you won't get the money and you prefer to stay, talk to the new owner about picking up your lease and creating a lease so that you are in a contractual binding agreement with the new owner.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.